He has said the deficit is a long-term concern that should be addressed by spending cuts and policies that spur economic growth. The June deficit was driven largely by government spending on the Paycheck Protection Program, which by the end of the month had approved more than $500 billion in loans to support small businesses. Over all, government outlays topped $1.1 trillion last month, while receipts were down sharply as a result of tax payments that have been deferred until mid-July. And the deficit recorded in June was higher than the entire budget gap for 2018. The swelling deficit, while expected on the heels of big spending packages, could further complicate talks for another rescue effort given Republicans’ recent concerns about the financial tab.

Source: New York Times July 13, 2020 21:48 UTC